‘Govt, banks need to offer solution to home loan down payment dilemma’

The real estate sector may be going through a lean period but the demand for housing, both for residential purposes as well as an investment, continues to pulsate as was evident at the Time Property Expo that got under way at Kala Academy on Saturday.TNN | August 25, 2015, 08:31 IST

PANAJI: The real estate sector may be going through a lean period but the demand for housing, both for residential purposes as well as an investment, continues to pulsate as was evident at the Time Property Expo that got under way at Kala Academy on Saturday. The two-day exhibition has eight of Goa’s foremost property developers showcasing everything right from studio apartments to independent villas.

“Both the buyers and the sellers are waiting to see who blinks first but the need for housing, especially from first time buyers is still there,” Valmiki Naik from Valmik Constructions said. “Some people want to move from their current residence to new homes too.”

Speaking about the slump in the real estate sector, several builders pointed out that the average home-seeker finds it difficult to cough up the initial down payment and that the government and banks had to find a simpler and easier solution.

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The unused Input Tax Credit (ITC) on goods and services lying with the property developers as on March 31 will be reversed for under-construction properties since the ITC stands to lapse from April 1 for such houses.